#00. Before We Begin
- The Motivation and Purpose Behind This Column Series
Cryptocurrency, crypto investing, blockchain, digital assets, Bitcoin — these are words we often encounter, yet rarely understand in depth. When people think of “coins,” the most common reactions are: “I’m too scared to get scammed again,”
“There’s no trustworthy standard to rely on.” These concerns reflect today’s reality in the market.
At JUNDA, we aim to help individuals, companies, and brands better understand the crypto market and its inner workings. We leverage big data and our in-house analytics to deliver clear and insightful perspectives through this column series.
Our purpose is not to recommend investments. Rather, we seek to share our philosophy and knowledge of the market to help foster a healthier digital asset ecosystem in Korea. We provide original insights and experiences that are rarely found online — insights shaped by hands-on research, field observations, and deep belief in the value of transparency.
We also aim to prevent repeated investor losses in the crypto space through technology and structural design. This content is not investment advice or a product recommendation. It is a data-driven column intended to help you better understand this complex market.
#01. The Disappearance of Ethics in an Oversupplied Market
- Rethinking the Fundamentals
Why has trust in this market remained so elusive? The answer lies in the unseen mechanics behind the scenes. Let’s start with a question: “What if the prices and volumes we see for most coins aren’t actually real?”
This topic is relevant not just for individuals, but also for companies, exchanges, and projects launching their first tokens. Why? Because there’s a lack of visibility into the system’s internal logic. This first column explores the root causes behind the disconnect between market data and actual demand — and how JUNDA is addressing it through technology.
For years, market liquidity has been defined by trade volume and price stability. If there’s high volume and little price fluctuation, we assume the market is healthy. But do those metrics truly reflect real demand?
Not always. Data from Chainalysis’ 2024 Crypto Crime Report shows that much of the liquidity reported by exchanges is artificially created via wash trading. What looks like demand is often just an illusion.
(Source: https://www.chainalysis.com/resources/reports/2024-crypto-crime-report)
Korean media have reported similar issues. Some small exchanges were found to have over 50% of initial trading volume generated internally between wallets, not by actual users. There was price, but no real transaction; activity, but no substance.
(Source: https://www.yna.co.kr/view/AKR20240512X001000)
At JUNDA, we have tracked these trends closely. We’ve seen how surface-level indicators are mistaken for signals of trust, when in fact, they’re part of a recurring, artificial pattern. In this cycle, “liquidity” has lost its original meaning and become a tool for engineered signals.
#02. Outsourced Risk and the Failure of Control
- What Kind of System Are We Really Running?
It’s common for projects to outsource liquidity. Before and after token listings, market makers are entrusted with managing initial order books. This leads to one crucial question: “Is the market maker a designer of market structure — or merely a tool for price manipulation?”
While exchanges and projects appear to manage the environment, they often don’t. Liquidity is controlled by private wallets and flows beyond the project's direct control. It’s not just a metaphor when we say: “Like leaving the fish to the cat.” In a system without surveillance, control, or predictability, who takes responsibility?
Displayed prices and volumes on exchange screens are nothing more than visualizations of third-party actions. Yet participants make decisions based on these numbers. If those numbers are manipulated, the logic behind every trade collapses.
JUNDA chose not to look away. Instead, we focused on system-level oversight, grounded in the belief that structural design can be reshaped through technology. Without control, there can be no predictability — and no trust.
Markets aren’t driven by ethics. But technology can build ethical design. That’s why JUNDA developed a system for transparent liquidity control — not just automated trading, but infrastructure that can record and manage the entire flow of liquidity.
This led to the birth of TRINITY. TRINITY’s system-trading architecture algorithmically controls liquidity supply. It connects directly with exchanges via API keys and records every action in a traceable pattern. By removing human interference, it ensures liquidity moves based on rules — not arbitrary action.
We also built real-time dashboards with warning systems. When abnormal patterns are detected, the system automatically triggers analysis. Every signal can be traced visually.
The MIT Digital Economy Lab has argued that in algorithm-driven markets, ethics must be embedded into system design.
Structure is defined by code, and technology becomes the new custodian of ethics.
(Source: https://dspace.mit.edu/handle/1721.1/149061)
JUNDA’s approach is aligned with this thinking. We don’t just detect anomalies — we design systems to prevent them from happening in the first place. This isn’t just about surveillance; it’s about engineering values into the market’s very foundation.
Now, with the launch of Surf.Q, we aim to extend this approach to individuals. Surf.Q is not just a bot — it’s a tool that lets individuals create and execute their own quant strategies. It empowers participants to move from passive to proactive roles in the market.
Users can translate their beliefs into conditions and execute them automatically. But before that, the market must ask itself: Are volume, liquidity, and pricing truly transparent — or are they just performances masked as trust?
At JUNDA, we see ourselves as engineers — not of hype, but of trust and transparency.
We build systems. We write ethics into code. In this market, it’s no longer about who provides liquidity. It’s about how it is provided. And we’re ready to answer that question.
#00. Before We Begin
- The Motivation and Purpose Behind This Column Series
Cryptocurrency, crypto investing, blockchain, digital assets, Bitcoin — these are words we often encounter, yet rarely understand in depth. When people think of “coins,” the most common reactions are: “I’m too scared to get scammed again,”
“There’s no trustworthy standard to rely on.” These concerns reflect today’s reality in the market.
At JUNDA, we aim to help individuals, companies, and brands better understand the crypto market and its inner workings. We leverage big data and our in-house analytics to deliver clear and insightful perspectives through this column series.
Our purpose is not to recommend investments. Rather, we seek to share our philosophy and knowledge of the market to help foster a healthier digital asset ecosystem in Korea. We provide original insights and experiences that are rarely found online — insights shaped by hands-on research, field observations, and deep belief in the value of transparency.
We also aim to prevent repeated investor losses in the crypto space through technology and structural design. This content is not investment advice or a product recommendation. It is a data-driven column intended to help you better understand this complex market.
#01. The Disappearance of Ethics in an Oversupplied Market
- Rethinking the Fundamentals
Why has trust in this market remained so elusive? The answer lies in the unseen mechanics behind the scenes. Let’s start with a question: “What if the prices and volumes we see for most coins aren’t actually real?”
This topic is relevant not just for individuals, but also for companies, exchanges, and projects launching their first tokens. Why? Because there’s a lack of visibility into the system’s internal logic. This first column explores the root causes behind the disconnect between market data and actual demand — and how JUNDA is addressing it through technology.
For years, market liquidity has been defined by trade volume and price stability. If there’s high volume and little price fluctuation, we assume the market is healthy. But do those metrics truly reflect real demand?
Not always. Data from Chainalysis’ 2024 Crypto Crime Report shows that much of the liquidity reported by exchanges is artificially created via wash trading. What looks like demand is often just an illusion.
(Source: https://www.chainalysis.com/resources/reports/2024-crypto-crime-report)
Korean media have reported similar issues. Some small exchanges were found to have over 50% of initial trading volume generated internally between wallets, not by actual users. There was price, but no real transaction; activity, but no substance.
(Source: https://www.yna.co.kr/view/AKR20240512X001000)
At JUNDA, we have tracked these trends closely. We’ve seen how surface-level indicators are mistaken for signals of trust, when in fact, they’re part of a recurring, artificial pattern. In this cycle, “liquidity” has lost its original meaning and become a tool for engineered signals.
#02. Outsourced Risk and the Failure of Control
- What Kind of System Are We Really Running?
It’s common for projects to outsource liquidity. Before and after token listings, market makers are entrusted with managing initial order books. This leads to one crucial question: “Is the market maker a designer of market structure — or merely a tool for price manipulation?”
While exchanges and projects appear to manage the environment, they often don’t. Liquidity is controlled by private wallets and flows beyond the project's direct control. It’s not just a metaphor when we say: “Like leaving the fish to the cat.” In a system without surveillance, control, or predictability, who takes responsibility?
Displayed prices and volumes on exchange screens are nothing more than visualizations of third-party actions. Yet participants make decisions based on these numbers. If those numbers are manipulated, the logic behind every trade collapses.
JUNDA chose not to look away. Instead, we focused on system-level oversight, grounded in the belief that structural design can be reshaped through technology. Without control, there can be no predictability — and no trust.
Markets aren’t driven by ethics. But technology can build ethical design. That’s why JUNDA developed a system for transparent liquidity control — not just automated trading, but infrastructure that can record and manage the entire flow of liquidity.
This led to the birth of TRINITY. TRINITY’s system-trading architecture algorithmically controls liquidity supply. It connects directly with exchanges via API keys and records every action in a traceable pattern. By removing human interference, it ensures liquidity moves based on rules — not arbitrary action.
We also built real-time dashboards with warning systems. When abnormal patterns are detected, the system automatically triggers analysis. Every signal can be traced visually.
The MIT Digital Economy Lab has argued that in algorithm-driven markets, ethics must be embedded into system design.
Structure is defined by code, and technology becomes the new custodian of ethics.
(Source: https://dspace.mit.edu/handle/1721.1/149061)
JUNDA’s approach is aligned with this thinking. We don’t just detect anomalies — we design systems to prevent them from happening in the first place. This isn’t just about surveillance; it’s about engineering values into the market’s very foundation.
Now, with the launch of Surf.Q, we aim to extend this approach to individuals. Surf.Q is not just a bot — it’s a tool that lets individuals create and execute their own quant strategies. It empowers participants to move from passive to proactive roles in the market.
Users can translate their beliefs into conditions and execute them automatically. But before that, the market must ask itself: Are volume, liquidity, and pricing truly transparent — or are they just performances masked as trust?
At JUNDA, we see ourselves as engineers — not of hype, but of trust and transparency.
We build systems. We write ethics into code. In this market, it’s no longer about who provides liquidity. It’s about how it is provided. And we’re ready to answer that question.